As per to the sources saying at the www.propertykhazana.com, a draft model law by the Union Ministry of Housing and Urban Affairs gave a bigger clearness in transaction with residential assets. File photo of residential complex and IT malls are still developing in Chennai and the Model Act made it necessary for all advertisers to present the information’s of the permitted proposals of ventures along with a bank surety equivalent to 5.5% of the expected cost of the development to the regulatory authority.

Sources reported at the www.propertykhazana.com says that, the advertiser must also give a pilgrimage to finish the work in an agreement in the form of registration and after confirming the credibility of the permitted proposal, the name of the land and other related information’s of the ventures will be registered by the authority. The information’s of the ventures will also be updated in the authority’s website.

According to the sources saying at the www.propertykhazana.com, rules breaking, failing to give necessary services to the developed plots are seen or grumble about the registration then it will be called off owing to confirmation. Given bank surety will be returned and the names of the promoters will be put in the defaulters list and will be updated in the authority’s website. If fails to obey the rules of the Act will be in custody for a term which might be for 2-3 years or a fine which will be calculated in percentage cost of development and the Model Act also avoids the promoters from giving advertisements of the venture before it is registered with the authority. For more updates on realty market browse www.propertykhazana.com.